Planning Considerations for Newlyweds

There are several important planning considerations that should be taken into account when two lives become one.

Bank Account Updates: Determine how you will manage income and expenses as a couple - likely you'll need to setup some new bank accounts.

Adjusting to cashflow: There may be some savings that result in more net cashflow – intentionally allocate towards savings goals or spending.

Updating Beneficiaries: Review and update to list your spouse on retirement accounts & insurance policies.

Executing or updating an estate plan: A loving gift to ensure assets would transfer to the surviving spouse and for the spouse to make medical & financial decisions if needed.

Employee Benefit Changes: Review for any changes that would now save money or simply. NOTE – you only have 30 days after you get married to make changes during a special enrollment period.

Evaluating life insurance needs: There may be additional needs to support a surviving spouse.